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STORAGE PROPERTIES | 9 Months Ended
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Sep. 30, 2025
STORAGE PROPERTIES |
STORAGE PROPERTIES | 3. STORAGE PROPERTIES ​ The book value of the Company’s real estate assets is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 | ​
​ | ​ | (in thousands) | ​
Land | ​ | $ | 1,707,394 | ​ | $ | 1,645,549 | ​
Buildings and improvements | ​ |  | 6,168,400 | ​ |  | 5,759,848 | ​
Equipment | ​ |  | 154,530 | ​ |  | 147,709 | ​
Construction in progress | ​ |  | 35,807 | ​ |  | 33,723 | ​
Right-of-use assets - finance leases | ​ | ​ | 41,945 | ​ | ​ | 41,945 | ​
Storage properties | ​ |  | 8,108,076 | ​ |  | 7,628,774 | ​
Less: Accumulated depreciation | ​ |  | (1,730,103) | ​ |  | (1,590,588) | ​
Storage properties, net | ​ | $ | 6,377,973 | ​ | $ | 6,038,186 | ​
​ The following table summarizes the Company’s acquisition and disposition activity since January 1, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Number of |  | Transaction Price |
Asset/Portfolio | ​ | Metropolitan Statistical Area | ​ | Transaction Date | ​ | Stores | ​ | (in thousands) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2025 Acquisitions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
HVP IV Assets | ​ | Various (see note 4) | ​ | February 2025 | ​ | 28 | ​ | $ | 452,785 | (1)
​ | ​ | ​ | ​ | ​ | ​ | 28 | ​ | $ | 452,785 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 Acquisitions: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Connecticut Assets | ​ | Hartford-West Hartford-East Hartford, CT | ​ | January 2024 | ​ | 2 | ​ | $ | 20,200 | ​
Oregon Asset | ​ | Portland-Vancouver-Beaverton, OR-WA | ​ | November 2024 | ​ | 1 | ​ | ​ | 10,450 | ​
Pennsylvania Asset | ​ | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | ​ | November 2024 | ​ | 1 | ​ | ​ | 11,500 | ​
Hines Portfolio (2) | ​ | Dallas-Fort Worth-Arlington, TX | ​ | December 2024 | ​ | 14 | ​ | ​ | 157,250 | ​
​ | ​ | ​ | ​ | ​ | ​ | 18 | ​ | $ | 199,400 | ​
​
| (1) | Amount represents the purchase price for the remaining 80% ownership interest in 191 IV CUBE LLC (“HVP IV”), which, at the time of acquisition, owned 28 stores (see note 4). Purchase price includes $44.4 million to repay the Company’s portion of HVP IV’s existing indebtedness.
​
| (2) | These stores are owned by consolidated joint ventures in which the Company acquired an 85% ownership interest. Transaction price represents the acquisition of this ownership interest.

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